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Pros

Pro

Instant transfers

There is no delay in receiving your bitcoins once the payment has completed. Given that you're dealing with locals with local bank accounts, the entire process can take place very quickly.

Pro

No or minimal banking fees

As you're typically dealing with locals, transferring funds is typically free & fast and the site lets you see what bank a given user is with. There are no other fees for buying/selling coins if you're not advertising.

Pro

Works internationally

LocalBitcoins is designed to find you local buyers/sellers no matter what country you're on. They're currently in 190 countries.

Pro

No ID requirements

People are left reviews and are assigned a reputation to help you find trustworthy people to deal with, but there are no ID requirements for using Localbitcoins

Pro

No Bank Account Required

All you need is cash in-hand.

Cons

Con

You have to deal with other people

Unlike Coinbase, MtGox etc you're directly dealing with other people on LocalBitcoins. This can make the overall process longer and your experiences will vary depending on who you deal with.